• Skip to content
  • Skip to primary sidebar

Header Right

  • Home
  • About
  • Contact

waitress

Tips on tip reporting

November 21, 2017 by Brenda McGivern, CPA

If you are like millions of taxpayers who work in the service industry, you may receive tips. The tax code is clear; if you receive tips you must report them as income. Some employers have systems to make this easy, while others do not. Here are some suggestions:

Think 1-2-3

Proper tip reporting has three components.

1. Keeping a daily tip record

2. Reporting your tips to your employer

3. Recording your tips on your income tax return

Recording tip activity

Per the IRS, you can keep your tips by either maintaining a tip diary or by saving documents that show your tips. If your employer does not provide you with an electronic form of a tip diary, you can always create your own. The IRS has [Read more…] about Tips on tip reporting

Filed Under: Business Owner, Employees, Filing Taxes, Payroll, Tax Planning, Taxes Tagged With: allocated tips, service charge, service industry, tips, waitress

Primary Sidebar

Search

Archives

  • April 2020
  • July 2018
  • June 2018
  • May 2018
  • April 2018
  • March 2018
  • November 2017

Categories

  • Business Owner
  • COVID-19
  • Debit and Credit Cards
  • Employees
  • Filing Taxes
  • Financial Planning
  • IRS Articles
  • Online Banking
  • Operational Accounting
  • Payroll
  • QuickBooks Desktop
  • QuickBooks Online
  • Real Estate
  • Sales Tax
  • SBA
  • Tax
  • Tax Planning
  • Taxes

Copyright © 2025 · https://www.bmcgiverncpa.com/blog

Slot Qris - Situs Slot Deposit Qris Terbaik slot gacor 4d Slot Qris Bersama MAXI188 Situs Terbaik Situs Slot Gacor Hari Ini Gampang Menang Terbaru Tahun 2025 Slot Terbaik > Situs Slot Gacor Hari Ini Terpercaya Gampang Menang 2025